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CMA, CS Rohan Nimbalkar


CMA, CS Rohan Nimbalkar
CA – Foundation
Business Laws

Index

Sr. Chapter Page


No. No.

1
THE INDIAN CONTRACT ACT, 1872 1

2
THE SALE OF GOODS ACT, 1930 42

3
THE INDIAN PARTNERSHIP ACT, 1932 63
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INDIAN CONTRACT ACT, 1872

Nature of Contract

1. Atharva, a minor borrowed ₹ 1000 from Parth and agreed to repay it within three months. He failed
to return the amount after stipulated period of time. Can Parth realize his money from Atharva
through a court of law?

2. Mr. Karan promised to pay ₹ 50,000 to his wife Mrs. Kiran so that she can spend the sum on her 30th
birthday. Mrs. Kiran insisted her husband to make a written agreement of he really loved her. Mr.
Karan made a written& registered agreement. Mr. Karan could not pay the specified amount to his
wife. Mrs. Kiran wants to file a suit against Mr. Karan for recovery of promised amount. Advise
whether Mrs. Karan will succeed. (3 Marks) (Nov. 2018)

2. Offer & Acceptance

3. CK Soap Co. advertised that it would give a reward of ₹50,000 if anyone develop skin disease after
using, CK soap of the company. Miss Disha purchased the advertised soap and developed skin disease
in spite of using this soap according to the instructions. She claimed reward but company refused pay
on the ground that offer was not made to her as well as she had not communicated her acceptance of
the offer. Decide whether Miss disha can claim the reward or not. Advice Disha with reference to
provisions and applicable case law.

4. Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post.
Next day, Ramanathan sends a telegram withdrawing his acceptance. Examine the validity of the
acceptance in the light of the following:

(i) The telegram of revocation of acceptance was received by Ramaswami before the letter of
acceptance.
(ii) The telegram of revocation and letter of acceptance both reached together. (RTP Nov. 2018)

5. Nikita offered through an advertisement newspaper to sell designer goods on a particular date at a
particular place a Shimla. In response to the advertisement Aachal travelled all the way from Pune to
Shimla and found that the place was locked and there was no such sale and goods are already sold.
She wanted to sue Nikita. Advise Aachal about appropriate course of action?

Consideration
6. Transferred his house to his daughter M by way to gift. The gift deed, executed by X, contained a
direction that M shall pay a sum of ₹ 5,000 per month to N (the sister of the executant). Consequently
M executed an instrument in favour of N agreeing to pay the said sum. Afterwards, M refused to pay
the sum to N saying that she is not liable to N because no consideration had moved from her. Decide
with reasons under the provisions of the Indian Contract Act, 1872 whether M is liable to pay the said
sum to N.
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7. Mr. B, an old man, by a registered deed of gist, granted certain landed property to Ms. R, his daughter.
By the terms of the deed, it was stipulated that an annuity of ₹ 20,000 should be paid every year to
Mr. S, who was the brother of Mr. B. On the same day Mrs. R made a promise to Mr. S and executed in
his favour an agreement to give effect the stipulation. Ms. R failed to pay the stipulated sum. In an
action against her by Mr. S, she contended that since Mr. S had not furnished any consideration, he
has no right of action. Examining the provisions of the Indian Contract Act, 1872, decide, whether the
contention of Ms. R is valid? (RTP No. 2018)

Capacity of Parties

8. X, a minor was studyinginB.Com in a college. On 1st July, 2005 he took a loan of ₹ 10,000 from B for
payment of his college fees and to purchase books and agreed to repay by 31st December, 2005, X
possesses assets worth ₹ 2 lakhs. On due date X fails to pay back the loan to B. B now wants to recover
the loan from X out of his (X's) assets. Referring to the provisions of the Indian Contract Act, 1872
decide whether B would succeed.

Free consent

9. A threatened his wife and son to commit suicide if they did not agree to transfer A's house to his
brother. Thereupon his wife and son agreed to transfer the house. Subsequently, his wife and son
filed a suit to set aside the transfer. Will they succeed?

10. A has two cars, a Fiat and an Ambassador. He agreed to sell one of the cars to B. B is thinking that he is
buying Fiat car, whereas A is thinking that he is selling Ambassador car. Is there any contract created?

Void Agreements

11. Mr. Seth an industrialist has been fighting a long-drawn litigation with Mr. Raman another
industrialist. To support his legal campaign Mr. Seth enlists the services of Mr. X a legal expert stating
that an amount of ₹ 5 lakhs would be paid, if Mr. X does not take up the brief of Mr. Raman. Mr. X
agrees, but at the end of the litigation, Mr. Seth refuses to pay. Decide whether Mr. X can recover the
amount promised by Mr. Seth under the provisions of the Indian Contract Act, 1872.

12. A and B agree to share the proceeds of a robbery committed by them. A lends ₹ 500 to B to buy
implements required for the robbery. Can A recover from B the money lent by him (A). Give reasons.

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Contingent Contracts & Quasi Contracts

13. Y holds agricultural land in Gujarat on a lease granted by X, the owner. The land revenue payable by X
to The Government being in arrear his land is advertised for sale by the Government. Under the
Revenue law, the consequence of such sale will be termination of lease. Y, in order to prevent the sale
and the consequent termination of his own lease, pays the Government, the sum due from X.
Referring to the provisions of the Indian Contract Act, 1872 decide whether X is liable to make good
to Y, the amount so paid?

14. A shopkeeper sent a bag of rice to B. The cart driver delivered the bag to B's neighbour by mistake.
Can the shopkeeper recover the price of the bag from B's neighbour? B's neighbour pleads that he
never asked for the supply of rice and, therefore, not liable to pay. Advice the neighbour?

15. An insurance company paid money by mistake on a policy which had lapsed. Though the company
was not ignorant of the fact of lapsing, but this was overlooked at the time of payment. Can the
company recover the amount?

Performance of Contract

16. X, Y and Z are partners of software business jointly promise to pay ₹ 30,000 to A. Over a period of
time Y became insolvent, but his assets are sufficient to pay one-forth of his debts. Z is compelled to
pay the whole. Decide whether Z is required to pay whole amount himself to A in discharging joint
promise?

17. A agreed to sell 10 tons of wheat to B. No time of delivery has been fixed. At 11 P.M. A takes a truck of
wheat to B at his house. Is it a valid tender?

Discharge of Contracts
18. Mr. Ram of Chennai placed an order with Mr. Shah of Ahmedabad, for supply of urad dal on
10.11.2006 at a contracted price of ₹ 40 per kg. The order was for the supply of 10 tonnes within a
months' time viz., before 9.12.2006. On 4.12.2006 Mr. Shah wrote a letter to Mr. Ram stating that the
price of uraddal was sky rocketing to ₹ 50 Per. Kg. and he would not be able to supply as per original
contract. The price of urad dal rose to ₹ 53 on 9.12.2006 Advise Mr. Ram citing the legal position.

19. M Ltd. contracts with Shanti Traders to make and deliver certain machinery to them by 30.6.2004 for
₹ 11.50 lakhs. Due to labour strike M Ltd. could I manufacture and deliver the machinery to Shanti
Traders. Later, Shanti Traders procured the machinery from another manufacturer for ₹ 12.75 lakhs.
Shanti Traders was also prevented from performing a contract which it had made with Zenith
Traders at the time of their contract with M Ltd. and were compelled to pay compensation for breach
of contract. Advise Shanti Traders the amount of compensation which it can claim from M Ltd.
refering to the legal provisions of the Indian Contract Act.

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20. A mill owner sent a machine for necessary repairs to a workshop. The workshop delayed the
machine beyond a reasonable time. Consequently, A's mill had to be closed down. A claim loss of
profit he would have earned had the mill not closed down. Advice A.

21. Mr. X and Mr. Y entered into a contract on 1st August, 2018, by which. Mr. X had to supply 50 tons
of sugar to Mr. Y at a certain price strictly within a period of 10 days of the contract. Mr. Y also
paid an amount of ₹ 50,000 towards advance as per the terms of the above' contract. The mode of
transportation available between their places is roadway only. Severe flood came on 2nd August,
2018 and the only road connecting their places was damaged and could not be repaired within
fifteen days. Mr. X offered to supply sugar on 20th August, 2018 for which Mr. Y did not agree. On
1st September, 2018, Mr. X claimed compensation of ₹ 10,000 from Mr. Y for refusing to accept the
supply of sugar, which was not there within the purview of the contract. On the other hand, Mr. Y
claimed for refund of ₹ 50.000 which he had paid as advance in terms of the contract. Analyse the
above situation in terms of the provisions of the Indian Contract Act, 1872 and decide on Y's
contention. (4 Marks) (Nov 2018)

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Sale of Goods Act 1930

Formation of Contract of Sale


1. A sells a laptop computer to B with a stipulation that payment should be made within 3 days. B
makes the payment after 7 days of the contract.

2. A agrees to sell two of his cars to B at a price to be fixed by C. He immediately gives delivery of
first car. C refuses to fix the price. A asks for the return of the car already delivered while B claims
the delivery of the second car too. Decide.

Conditions & Warranties

3. For the purpose of making uniform for the employees, Mr. Yadav bought dark blue coloured cloth
from Vivek, but did not disclose to the seller the purpose of said purchase. When uniforms were
prepared and used by the employees, the cloth was found unfit. However, there was evidence that
the cloth was fit for caps, boots and carriage lining. Advise Mr. Yadav whether he is entitled to
have any remedy under the sale of Goods Act, 1930? (RTP May 2019)

4. Ram consults Shyam, a motor-car dealer for a car suitable for touring purposes to promote the
sale of his product. Shyam suggests 'Maruti' and Ram accordingly buys it from Shyam. The car
turns out to be unfit for touring purposes. What remedy Ram is having now under the Sale of
Goods Act, 1930? (RTP Nov 2018)

Transfer of Ownership
5. A agreed to purchase 100 bales of cotton from B from his large stock. A sent his men to take
delivery of goods. They could pack only 70 bales. Then there was accidental fire and the entire
stock was destroyed, including the 70 bales that were packed. Who will bear the loss and to what
extent.

6. A delivered some jewellery to B on sale or return basis. B pledged the jewellery with C. A want to
claim back the goods from C. Advice.

Rights of Buyer & Rights of Unpaid Seller

7. Mr. G sold some goods to Mr. H for certain price by issue of an invoice, but payment in respect of
the same was not received on that day. The goods were packed and lying in the godown of Mr G.
The goods were inspected by H's agent and were found to be in order. Later on, the dues of the
goods were settled in cash. Just after receiving cash Mr. G asked Mr. H that goods should be taken
aware from his godown to enable him to store other goods purchased by him. After one day, since
Mr H did not take delivery of the goods, Mr. G kept the goods out of the godown in an open space.
Due to rain, some goods were damaged.
Referring to the provisions of the Sale of Goods Act, 1930, analyse the above situation and decide
who will be held responsible for the above damage. Will your answer be different. If the dues were
not settled in cash and are still pending? (6 Marks) (Nov 2018)

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8. Mr. D sold some goods to Mr. E for ₹ 5,00,000 on 15 days credit. Mr. D delivered the goods. On due
date Mr. E refused to pay for it. State the position and rights of Mr. D as per the Sale of Goods Act,
1930. (6 Marks) (May 2018)

9. Ram sells 200 bales of cloth to Shyam and sends 100 bales by lorry and 100 bales by Railway.
Shyam receives delivery of 100 bales sent by lorry, but before he receives the delivery of the bales
sent by railway, he becomes bankrupt. Ram being still unpaid, stops the goods in transit. The
official receiver, on Shyam's insolvency claims the goods. Decide the case with reference to the
provisions of the Sale of Goods Act, 1930. (RTP May 2019)

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Indian Partnership Act 1932

Nature of Partnership

1. R is not a partner in a particular firm. But, he represents himself or knowingly permits himself to
be represented as a partner of that particular firm to Sanjay, who on the faith of such
representation gives credit to the firm. Is R liable as a partner in the firm?

2. A, Band C are partners in a firm carrying on money leading business. D, a customer, deposits his
jewellery with the firm for safe custody. A and B sell this jewellery and misappropriate the money
C, being a sleeping partner, have no knowledge about this sale. Now, D files a suit against all the
three partners. Can C be held liable? Give reasons.

Registration of Firm

3. P, X, Y and Z are partners in a registered firm A & Co. x died and P retired. Y and Z filed a suit
against W in the name and on behalf of firm without notifying to the Registrar of firms about the
changes in the constitution of the firm. Is the suit maintainable? (RTP May 2019)

4. A and B are partners carrying on the business of shoe making. Their firm is not registered. The
firm purchases raw material worth ₹ 20,000 on credit from C. But the firm refuses to pay the price
of raw material in the plea of its non-registration. C institutes a suit against the firm claim the
amount due. Will C succeed? Give reasons.

Relations of Partners
5. A, B and C are partners of a firm carrying on banking business. D, a customer of the firm, deposits
his ornaments with the firm for safe custody. A and B sell those ornaments and misappropriate
the money. C, being a sleeping partner, does not know anything about this act of A and B. Now D
institutes/tries a suit against the firm including all the partners. C intends to escape liability on
the ground of being a sleeping partner. Will C succeed? Give reasons.

6. Ram, Mohan and Gopal were partners in a firm. During the course of partnership, the firm ordered
Sunrise Ltd. to supply a machine to the firm. Before the machine was delivered, Ram expired. The
machine, however, was later delivered to the firm. Thereafter, the remaining partners became
insolvent and the firm failed to pay the price of machine to Sunrise Ltd. Explain with reasons:
(RTP May 2019)
(i) Whether Ram's private estate is liable for the price of the machine purchased by the firm?
(ii) Against whom can the creditor obtain a decree for the recovery of the price?

7. X, Y and Z are partners in a firm. They jointly promised to pay ₹ 3,00,000 to D. Y become insolvent
and his private assets are sufficient to pay 1/5 of his share of debts. X is compelled to pay the
whole amount to D. Examining the provisions of the Indian Contract Act, 1872, decide the extent
to which X can recover the amount from Z. (4 Marks) (May 2018)

8. Ajay, Vijay and Sanjay are partners of software business and jointly promises to pay ₹ 6,00,000 to
Kartik. Over a period of time Vijay became insolvent, but his assets are sufficient to pay one-fourth
of his debts. Sanjay is compelled to pay the whole. Decide whether Sanjay is required to pay whole
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amount himself to Kartik in discharging joint promise under the Indian Contract Act, 1872. (RTP
Nov 2018)

9. "Thought a minor cannot be a partner in a firm, he can nonetheless be admitted to the benefits of
partnership."

(i) Referring to the previsions of the Indian Partnership Act, 1932, state the rights which can be
enjoyed by a minor partner. (4 Marks) (Nov 2018)

(ii) State the liabilities of a minor partner both:

(1) Before attaining majority and

(2) After attaining majority. (2 Marks) (Nov. 2018)

(iii) State the legal position of a minor partner after attaining majority:

(a) When he opts to become a partner of the same firm.

(b) When he decide not to become a partner. (2 Marks) (Nov. 2018)

Reconstitution & Dissolution of Firm

10. Mr. A. Mr. B and Mr. C were partners in a partnership firm M/ s ABC & Co., which is engaged in the
business of trading of branded furniture. The name of the partners was clearly written along with
the firm name in front of the head office of the firm as well as on letter-head of the firm. On 1st
October/2018, Mr. C passed away. His name was neither removed from the list of partners as
stated in front of the head office nor from the letter-heads of the firm. As per the terms of
partnership, the firm continued its operations with Mr. A and Mr. B as partners. The accounts of
the firm were settled and the amount due to the legal heirs of Mr. C was also determined on 10th
October, 2018. But the same was not paid to the legal heirs of Mr. C. On 16th October, 2018, Mr. X,
a supplier supplied furniture worth ₹ 20,00,000 to M/ s ABC & Co. M/ s ABC & Co. could not repay
the amount due to heavy losses. Mr. X wants to recover the amount not only from M/ s ABC & Co.,
but also from the legal heirs of Mr. C.

Analyse the above situation in terms of the provisions of the Indian Partnership Act, 1932 and
decide whether the legal heirs of Mr. C can also be held liable for the dues towards Mr. X. (3
Marks) (Nov 2018)

11. Mr. M, Mr. N and Mr. P were partners in a firm, which was dealing in refrigerators. On 1st October,
2018, Mr. P retired from partnership, but failed to, give public notice of his retirement. After his
retirement, Mr. M, Mr. N and ₹ Mr. P visited a trade fair and enquired about some refrigerators
with latest techniques. Mr. X, who was exhibiting his refrigerators with the new techniques was
impressed with the interactions of Mr. P and requested for the visiting card of the firm. The
visiting card also included the name of Mr. P as a partner even though he had already retired. Mr.
X. supplied some refrigerators to the firm and could not recover his dues from the firm. Now, Mr.
X wants to recover the dues not only from the firm, but also from Mr. P.

Analyse the above case in terms of the provisions of the Indian Partnership Act, 1932 and decide
whether Mr. P is liable in this situation. (3 Marks) (Nov. 2018)

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12. X Y and Z are partners in a Partnership Firm. They were carrying their business successfully for
the past several years. Spouses of X and Y fought in ladies club on their personal issue and X's wife
was hurt badly. X go, angry on the incident and he convinced Z to expel Y from their partnership
firm. Y was expelled from partnership without any notice from X and Z. Considering the
provisions of the Indian Partnership Act, 1932, Estate whether they can expel a partner from the
firm. What are the criteria for test of good faith in such circumstances? (6 Marks) (May 2018)

13. Ram & Co., a firm consists of three partners A, Band C having one third share each in the firm.
According to A and B, the activities of C are not in the interest of the partnership and thus want to
expel C from the firm. Advise A and B whether they can do so quoting the relevant provisions of
the Indian Partnership Act, 1932. (RTP Nov. 2018)

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